tax

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A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures. A failure to pay, along with evasion of or resistance to taxation, is punishable by law. Taxes consist of direct or indirect taxes and may be paid in money or as its labour equivalent. The first known taxation took place in Ancient Egypt around 3000–2800 BC.
Most countries have a tax system in place to pay for public, common, or agreed national needs and government functions. Some levy a flat percentage rate of taxation on personal annual income, but most scale taxes based on annual income amounts. Most countries charge a tax on an individual's income as well as on corporate income. Countries or subunits often also impose wealth taxes, inheritance taxes, estate taxes, gift taxes, property taxes, sales taxes, payroll taxes or tariffs.
In economic terms, taxation transfers wealth from households or businesses to the government. This has effects which can both increase and reduce economic growth and economic welfare. Consequently, taxation is a highly debated topic.

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  1. B

    NSW Depreciation Tax

    I'm not sure if this is the right platform but I hope I get some help. If I bought a rental property in 2016, rented out, and then in 2019 to 2022 I live in there, hence no rent out, then rent out in 2023 January, can I claim depreciation on plant and equipment?
  2. araujo

    QLD Tax Evasion Report in Australian Companies - Assistance Needed

    Recently, I uncovered an alarming situation involving two companies, "Company X" and "Company Y," that are employing questionable tactics to avoid tax payments in Australia. "Company X" sells products to "Company Y" without any profit margin, and the latter resells these products with a profit...
  3. C

    NSW Tax implication of distributing an estate differently to the Will

    I'm in NSW and the deceased's Will containing property in NSW is in my favour. But I'm agreeing to split the estate evenly with the executor who is in Queensland. We want to avoid a complex Deed by making an informal agreement. But the executor said her lawyer was worried that the executor's...
  4. B

    QLD WILL LEGACIES AND TAX

    Hi I live in QLD. I understand there is no inheritance tax in Australia re Will beneficiaries. Can I assume this definitely applies to cash left as a legacy? Thank you very much. Blossom
  5. kim8hughes

    NSW Employee or independent contract and deducting income tax

    What weight does the court place on the fact that income tax is NOT deducted when assessing whether a person is an employee or independent contractor? Is not deducting income tax a decisive factor? Please provide some case law authority
  6. E

    Financial settlement and capital gains tax

    I am trying to mediate a financial settlement with my husband. We have come to an agreement that I will get 55% of the asset pool. However he will end up with out investment properties and he is claiming that I am liable to pay him for for possible future capital gains tax should he sell them in...
  7. T

    Land tax. Rates

    Hello all. I don't know where to start, so will get straight to the point. We are being sued by Whitsunday reginal council for rates unpaid. It's not that we refuse to pay, we are paying a bit each month. We had contacted them late last year and told them our circumstances and how much we could...
  8. L

    NSW Dual Citizen ship question regarding TAX

    (Sorry im not sure where to ask this question, Sorry in advance if this is the wrong spot this is the only forum i could find that seemed legit for asking this question) I am an Australia citizen. I am interested in getting a Dual Citizenship for Portugal. My question is, Once i am a dual...
  9. M

    Is compensation tax free?

    Hi, I am a mortgage broker and run my business through a Pty Ltd company. One of the big banks did some dodgy stuff and stole my customer, and I believe they are about to offer me compensation. The compensation is really for lost commission payments, but also could be for stress and suffering...
  10. B

    QLD Can Tax be used as liability

    Hello , I am in a settelment dispute with my ex partner. Assets will be valued as agreed with each other to detail the balance sheet ( assets /liabilities calculations) . My questions are - I have an income tax outstanding of 20k from the last year we were together. Can I put this in the...